CA AB1956

Establishes a 20% personal income tax credit for monetary contributions to qualified tuition programs (Section 529 plans), capped at $500 per taxable year, for taxable years beginning January 1, 2015 through December 31, 2019.

Limits credit eligibility to "qualified taxpayers" with annual adjusted gross income of $100,000 or less (single filers) or $200,000 or less (joint filers/head of household).

Imposes an additional tax of up to 10% on nonqualified withdrawals from the program, not to exceed the total credits previously claimed under this section.

Allows excess credit amounts beyond tax liability to be paid to taxpayers upon legislative appropriation.

Repeals the section effective December 1, 2020, making the credit temporary for a five-year period.